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U.S. Stocks End Friday with Mixed Results
(MENAFN) US equities finished Friday's session with divergent results following the market's steepest downturn in four weeks.
The Dow Jones Industrial Average dropped 309.74 points, or 0.65 percent, closing at 47,147.48—its second consecutive decline despite securing a weekly advance. The S&P 500 dipped 3.38 points, or 0.05 percent, settling at 6,734.11. The Nasdaq Composite Index climbed 30.23 points, or 0.13 percent, reaching 22,900.59, breaking a three-session losing streak.
Seven of eleven primary S&P 500 sectors closed in negative territory, with materials and financials posting the heaviest losses at 1.18 percent and 0.97 percent, respectively. Energy and technology sectors delivered gains, surging 1.37 percent and 0.74 percent, respectively.
Technology stocks regained momentum after sustained selling pressure. AI powerhouses Nvidia and Oracle recovered from prior-session losses, alongside Palantir Technologies and Tesla, both of which had plummeted over 6 percent Thursday.
Those dramatic Thursday declines temporarily threatened the Nasdaq's seven-week winning streak, but Friday's rally pushed the index back into weekly positive territory.
Doubts surrounding AI sector sustainability have amplified, with cloud-computing titan Oracle's recent collapse intensifying anxieties over inflated valuations, excessive debt dependence, and ballooning capital expenditure commitments industry-wide.
"AI is truly testing the limits of Wall Street spreadsheets right now," David Krakauer, vice president of portfolio management at Mercer Advisors, told media, adding that investors pricing in "so much of this future growth that they really can't measure yet" just spurs an "environment of swings."
Compounding market anxiety, traders continued evaluating the Federal Reserve's forthcoming policy decision. Market pricing now places December quarter-point rate cut probability below 50 percent—a dramatic reduction from the approximately 95 percent likelihood anticipated one month earlier, according to the CME FedWatch Tool.
The Dow Jones Industrial Average dropped 309.74 points, or 0.65 percent, closing at 47,147.48—its second consecutive decline despite securing a weekly advance. The S&P 500 dipped 3.38 points, or 0.05 percent, settling at 6,734.11. The Nasdaq Composite Index climbed 30.23 points, or 0.13 percent, reaching 22,900.59, breaking a three-session losing streak.
Seven of eleven primary S&P 500 sectors closed in negative territory, with materials and financials posting the heaviest losses at 1.18 percent and 0.97 percent, respectively. Energy and technology sectors delivered gains, surging 1.37 percent and 0.74 percent, respectively.
Technology stocks regained momentum after sustained selling pressure. AI powerhouses Nvidia and Oracle recovered from prior-session losses, alongside Palantir Technologies and Tesla, both of which had plummeted over 6 percent Thursday.
Those dramatic Thursday declines temporarily threatened the Nasdaq's seven-week winning streak, but Friday's rally pushed the index back into weekly positive territory.
Doubts surrounding AI sector sustainability have amplified, with cloud-computing titan Oracle's recent collapse intensifying anxieties over inflated valuations, excessive debt dependence, and ballooning capital expenditure commitments industry-wide.
"AI is truly testing the limits of Wall Street spreadsheets right now," David Krakauer, vice president of portfolio management at Mercer Advisors, told media, adding that investors pricing in "so much of this future growth that they really can't measure yet" just spurs an "environment of swings."
Compounding market anxiety, traders continued evaluating the Federal Reserve's forthcoming policy decision. Market pricing now places December quarter-point rate cut probability below 50 percent—a dramatic reduction from the approximately 95 percent likelihood anticipated one month earlier, according to the CME FedWatch Tool.
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